How doI get my name off of a loan that I co-signed for?
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How doI get my name off of a loan that I co-signed for?
I co-signed a car loan for my daughter’s boyfriend; Now her ex. He was served a no contact order today and I heard he vandalized the car (cut all tires, used a bat, and jumped on hood). Won’t his insurance have to pay this? His parents are supposed to be paying the payment and are not. What steps can I take to get out of this?
Asked on November 5, 2010 under Bankruptcy Law, North Carolina
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
This was a very expensive lesson. You as the co-signor are obligated to pay the loan should the primary party default. The holder of the loan can come after you for the payments as well. You need to seek help from an attorney in your area as to suing the ex if he is the one who signed as well (you mentioned his parents here; are they the other co-signors? If yes, then sue them). But that will not get you off the loan and relieve you of the obligation. Your recourse is only as against the ex or his parents. As for the car, if he intentionally caused the damage insurance may not pay. Damage is for accidents not destruction. Seek legal help as soon as you can. Good luck.
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